Research

Projects

• FYI – Insights for Young Researchers in Finance: The Insights for Young Researchers in Finance (FYI) inform junior researchers (PhDs, post-docs, and assistant professors) in banking and finance about workshops and other research-related activities targeted toward young scholars. Subscription to the newsletter is possible here.

• The International Banking Library: The International Banking Library is a website offering resources on cross-border banking. The website is hosted by the Halle Institute for Economic Research and can be accessed here. Subscription to the quarterly newsletter is possible here.

• The Political Economy of the European Banking Union: Causes for National Differences in the Implementation of the Banking Union and Resulting Effects on Financial Stability (ESF grant financed by the European Commission)

• Financial Markets Directives Database: Information on the Capital Markets Union and the implementation of CRD IV, BRRD and DGSD can be found here.

Publications

• Cultural Norms and Corporate Fraud: Evidence from the Volkswagen Scandal (with Iftekhar Hasan and Felix Noth).  Journal of Corporate Finance (2023). Press Coverage: "VW-Dieselskandal: Strenge Protestanten", FAZ 08.10.2023.

• Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers (with Michael Koetter, Thomas Krause and Eleonora Sfrappini). European Economic Review 148 (2022).

• Financial Linkages and Sectoral Business Cycle Synchronization: Evidence from Europe (with Hannes Boehm and Julia Schaumburg). IMF Economic Review (2022).

• A Note of Caution on Quantifying Banks' Recapitalization Effects (with Felix Noth and Kirsten Schmidt). Journal of Money, Credit and Banking 54 (2022).

• Understanding climate activism: Who participates in climate marches such as “Fridays for Future” and what can we learn from it? (with Felix Noth). Energy Research & Social Science 84 (2022).

• Asymmetric Investment Responses to Firm-Specific Forecast Errors (with Manuel Buchholz and Julian Berner). Economic Inquiry (2021).

• Macroprudential Policy and Intra-Group Dynamics: The Effects of Reserve Requirements in Brazil (with Chris Becker and Matias Ossandon Busch).  Journal of Corporate Finance 71 (2021). All About Finance Blog.

• Monetary policy through exchange rate pegs: The removal of the Swiss franc‐Euro floor and stock price reactions (with Gregor von Schweinitz and Manuel Buchholz). International Review of Finance 21(4) (2021).

• Do Conventional Monetary Policy Instruments Matter in Unconventional Times? (with Manuel Buchholz and Kirsten Schmidt). Journal of Banking and Finance 118 (2020). SUERF Policy Note.

• Interactions Between Regulatory and Corporate Taxes: How Is Bank Leverage Affected? (with Franziska Bremus and Kirsten Schmidt). Journal of Banking and Finance 118 (2020). SUERF Policy Brief. DIW Weekly Report. Makronom.

• Elevated Uncertainty during the Financial Crisis: Do Effects on Subjective Well-Being Differ across European Countries? The B.E. Journal of Economic Analysis & Policy 19(2) (2019). Press Release.

• Drivers of Systemic Risk: Do National and European Perspectives Differ? (with Claudia M. Buch and Thomas Krause). Journal of International Money and Finance 91: 160-176 (2019).

• Delay Determinants of European Banking Union Implementation (with Michael Koetter and Thomas Krause). European Journal of Political Economy 58: 1-20 (2019). Blog LSE Business Review.

• Central Bank Transparency and Cross-border Banking (with Stefan Eichler and Helge Littke). Journal of International Money and Finance 74: 1-30 (2017).

• International Banking and Cross-border Effects of Regulation: Lessons from Germany (with Jana Ohls and Marcus Pramor). International Journal of Central Banking March: 129-162 (2017).

• Complexity and Bank Risk during the Financial Crisis (with Thomas Krause and Talina Sondershaus). Economics Letters 150: 118–121 (2017).

• Bank Risk Proxies and the Crisis of 2007/09: A Comparison (with Felix Noth). Applied Economics Letters 24(7): 498-501 (2017).

• Sovereign Credit Risk Co-movements in the Eurozone: Simple Interdependence or Contagion? (with Manuel Buchholz). International Finance 19(3): 246–268 (2016). Web Appendix.

• Taxing Banks: An Evaluation of the German Bank Levy (with Claudia M. Buch and Björn Hilberg).  Journal of Banking & Finance 72: 52–66 (2016). Web Appendix.

• Uncertainty, Bank Lending, and Bank-Level Heterogeneity (with Claudia M. Buch and Manuel Buchholz). IMF Economic Review 63(4): 919–954 (2015). Web Appendix.

• Cross-Border Interbank Networks, Banking Risk and Contagion. Journal of Financial Stability 18: 19-32 (2015).

Work in Progress

• International Banking and Global Supply Chain Disruptions (with Michael Sigmund and Matias Ossandon Busch)

• Banks' Foreign Homes (with Kirsten Schmidt)

Working Papers

• How Do EU Banks’ Funding Costs Respond to the CRD IV? An Assessment Based on the Banking Union Directives Database (with Thomas Krause, Eleonora Sfrappini, and Cristina Zgherea). IWH Discussion Paper 12/2024 (2024). Data.

• Inflation Concerns and Green Product Consumption: Evidence from a Nationwide Survey and a Framed Field Experiment (with Sabrina Jeworrek). IWH Discussion Paper 10/2024 (2024). Press release (in German). Podcast by University of Magdeburg (in German).

• Distributional Income Effects of Banking Regulation in Europe (with Melina Ludolph and Lars Brausewetter). IWH Discussion Paper 24/2023 (2023).

• Firm subsidies, financial intermediation, and bank stability (with Aleksandr Kazakov, Michael Koetter and Mirko Titze). IWH Discussion Paper 24/2022 (2022).

• A Note on the Use of Syndicated Loan Data (with Isabella Mueller and Felix Noth). IWH Discussion Paper 17/2022 (2022), Tinbergen Institute Discussion Paper TI 2022-064/IV.

Other Work

• Capital Markets Union: Database of Directives and Regulations (with Moritz Emlein, Eleonora Sfrappini and Cristina Zgherea ). IWH Technical Reports 02/2022 (2022).

• Climate activism: “information is key to change our behaviour.” Vrije Universiteit Amsterdam News, 29 June 2022. 

• Covid-19 Lessons learned - Preparing for future pandemics (collaborative work within the G6 network of science foundations, coordinated by the Leibniz Association). Documents provided by the Italian National Research Council can be found here.

• How can macroprudential policies transmit within a banking group? (with Matias Ossandon Busch and Chris Becker). All About Finance, WorldBank Blog, 12.10.2021.

• Aspects of the Political Economy of the European Banking Union. PolEconFin Blog Post, 06.09.2021. 

• Staggered completion of the European Banking Union: Transposition dates of the BRRD (with Michael Koetter, Thomas Krause, Eleonora Sfrappini). IWH Technical Reports 01/2021 (2021). 

• Response to the call for feedback on the Financial Stability Board’s “Evaluation of the effects of too-big-to-fail reforms: consultation report” (with Michael Koetter). Comments on FSB Evaluation.

• Bank Levies Can Make Bank Balance Sheets More Resilient, but High Corporate Tax Rates Dampen the Effect (with Franziska Bremus). DIW Weekly Report 35 / 2020 .

• Wie Abgaben auf den Verschuldungsgrad von Banken wirken (mit Franziska Bremus). Makronom, 07.09.2020.

• How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? (with Franziska Bremus and Kirsten Schmidt). SUERF Policy Brief, No 21.

• Deposit facility rate, bank reserves, and portfolio reallocation incentives (with Manuel Buchholz and Kirsten Schmidt). SUERF Policy Note, Issue No 118.

• What’s slowing down the European Banking Union? (with Simon Grothe, Michael Koetter and Thomas Krause). LSE Business Review, 08.10.2019. 

• Comments on “The regulatory treatment of sovereign exposures - discussion paper” (with Michael Koetter). Comments on BCBS Consultation.

BACKGROUND: “On 7 December 2017, the Basel Committee released its consultative document The regulatory treatment of sovereign exposures - discussion paper. Interested parties were invited to provide written comments by 9 March 2018. These comments, in PDF format, are available below.”

• Transposition frictions, Banking Union, and integrated financial markets in Europe (with Michael Koetter and Thomas Krause). G20Insights, Policy Brief, 29.04.2017.

• State Aid and Guarantees in Europe (with Reint Gropp). In The Palgrave Handbook of European Banking edited by Thorsten Beck and Barbara Casu. Chapter 14: 349-381 (2017).

• Comments on the “Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms” (with Michael Koetter and Felix Noth). Comments on FSB Framework.

BACKGROUND: “On 11 April 2017, the FSB published a consultation draft Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms. Interested parties were invited to provide written comments by 11 May 2017. These comments, which assisted completion of the framework for the G20 Leaders’ Summit in July 2017, are available here.”

• Assessing the effects of regulatory bank levies (with Claudia M. Buch and Benjamin Weigert). VoxEU.org, March 06, 2017.